Sable Offshore Corp. (NYSE:SOC) Receives $13.33 Average PT from Analysts

Shares of Sable Offshore Corp. (NYSE:SOC) have been given a consensus rating of “Hold” by the six analysts that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, one has given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $13.3333.

A number of equities analysts have commented on the stock. Jefferies Financial Group set a $9.00 price objective on shares of Sable Offshore in a research note on Wednesday, August 12th. Roth Capital restated a “buy” rating and set a $11.00 target price on shares of Sable Offshore in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Sable Offshore from a “strong sell” rating to a “sell” rating in a report on Sunday, August 30th. Zacks Research lowered Sable Offshore from a “hold” rating to a “strong sell” rating in a research report on Wednesday, June 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Sable Offshore in a research note on Tuesday, July 21st.

Institutional Investors Weigh In On Sable Offshore

Several institutional investors have recently made changes to their positions in SOC. Alyeska Investment Group L.P. grew its holdings in Sable Offshore by 1,504.0% during the 4th quarter. Alyeska Investment Group L.P. now owns 11,091,773 shares of the company’s stock valued at $100,048,000 after purchasing an additional 10,400,275 shares during the last quarter. Capital International Investors lifted its stake in Sable Offshore by 542.6% in the fourth quarter. Capital International Investors now owns 11,592,407 shares of the company’s stock worth $104,564,000 after purchasing an additional 9,788,351 shares during the last quarter. FourWorld Capital Management LLC bought a new stake in Sable Offshore in the fourth quarter worth about $73,113,000. Encompass Capital Advisors LLC boosted its position in shares of Sable Offshore by 60.6% during the fourth quarter. Encompass Capital Advisors LLC now owns 13,489,241 shares of the company’s stock valued at $121,673,000 after buying an additional 5,091,925 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Sable Offshore by 64.9% during the fourth quarter. Vanguard Group Inc. now owns 7,557,670 shares of the company’s stock valued at $68,170,000 after buying an additional 2,975,712 shares during the last quarter. Institutional investors own 26.19% of the company’s stock.

Sable Offshore Stock Up 0.8%

Shares of SOC opened at $4.76 on Thursday. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.24 and a quick ratio of 0.18. The stock has a market capitalization of $913.30 million, a price-to-earnings ratio of -1.45 and a beta of -0.16. Sable Offshore has a 1 year low of $2.88 and a 1 year high of $24.96. The business’s 50 day simple moving average is $4.51 and its 200-day simple moving average is $10.10.

Sable Offshore (NYSE:SOC) last posted its earnings results on Monday, August 10th. The company reported ($0.42) earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.79). The company had revenue of $137.13 million for the quarter, compared to analysts’ expectations of $237.65 million. As a group, equities analysts expect that Sable Offshore will post -2.18 earnings per share for the current fiscal year.

Sable Offshore Company Profile

Sable Offshore (NYSE:SOC) is an independent upstream oil and natural gas company specializing in offshore hydrocarbon exploration and production. The company identifies and secures exploration and development rights, conducts detailed seismic interpretation, and advances offshore prospects through appraisal and development phases. Its focus on the offshore environment drives investments in specialized drilling techniques, subsea infrastructure and production facility design.

Core business activities include offshore seismic surveys, the drilling of exploration and appraisal wells, installation and operation of production platforms or subsea systems, and well intervention services.